I NEED URGENT HELP PLEASE!!! View Policies Current Attempt in Progress C&M Securities made several expenditures...
I NEED URGENT HELP PLEASE!!!
View Policies Current Attempt in Progress C&M Securities made several expenditures during the current fiscal year, including the following: For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account Description of Amount Expenditure 1 $150,000 Acquisition of a piece of land...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport Company's balance sheet had the following balances. Land $237,700 Buildings 905,300 Leasehold improvements 665,200 Equipment 882,900 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $853,100. In addition, to acquire the land Bridgeport paid a $55,700 commission to incurred...
Pharoah Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $18,000 2. Architect’s fees on building pla
Pharoah Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Debit1.Excavation costs for new building$18,0002.Architect’s fees on building plans28,0003.Full payment to building contractor635,0004.Cost of real estate purchased as a plant site (land $250,000 and building $25,000)275,0005.Cost of parking lots and driveways24,0006.Accrued real estate taxes paid at time of...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable to the seller was signed for the balance owed. Purchased inventory on account...
1/ Using the information presented in Question 1 above, determine the Historical Cost of the building...
1/ Using the information presented in Question 1 above,
determine the Historical Cost of the building after taking
into consideration the capitalization of interest.
2/ Using the information presented in Question 1 above,
determine the Interest Expense that Desert would report on
their Income Statement for the year ended December 31,
2019.
3/ Using the information in Question 1 above,...
Assume Martin's Moving & Storage Ltd. (MMS) of Regina, Saskatchewan, incurred the following costs in acquiring...
Assume Martin's Moving & Storage Ltd. (MMS) of Regina, Saskatchewan, incurred the following costs in acquiring land, making land improvements, and constructing and furnishing its own storage warehouse: (Click the icon to view the costs of items a. to i.) (Click the icon to view the costs of items j. to q.) Requirements Requirement 1. Show how to account for...
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December...
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012 Plant Asset 315,000 169,568 Land Land improvements Building Machinery and equipment Automobiles 38,009 1,43e,e0e 315,e0e 1,688,00378,809 1e8,580 143,000 Transactions during 2018 were as follows a On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $225,000, which...
Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are...
Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented mere New Office Equipment 1. List price: $40,000: terms: 2/10, 1/30:paid within the discount period. 2. Transportation-inc $840. 3. Insta ation: $480 4. Cost to repair damage during unloading: $456. 5. Routine maintenance cost after eight months: $150. Basket Purchase of copier, Computer,...
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each...
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List price: $40,500; terms: 2/10 n/30; paid within discount period. 2. Transportation-in: $750. 3. Installation: $550. 4. Cost to repair damage during unloading: $651. 5. Routine maintenance cost after six months: $110. Basket Purchase of Copier,...
Fix the red ones: Diversified Products, Inc., has recently acquired a small publishing company that offers...
Fix the red ones:
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Total Company Cookbook $ 300,000 $90,000 Product Line Travel Handy Guide Speller $ 150,000 $ 60,000...
I NEED URGENT HELP PLEASE!!!
View Policies Current Attempt in Progress C&M Securities made several expenditures during the current fiscal year, including the following: For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account Description of Amount Expenditure 1 $150,000 Acquisition of a piece of land...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport Company's balance sheet had the following balances. Land $237,700 Buildings 905,300 Leasehold improvements 665,200 Equipment 882,900 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $853,100. In addition, to acquire the land Bridgeport paid a $55,700 commission to incurred...
1/ Using the information presented in Question 1 above,
determine the Historical Cost of the building after taking
into consideration the capitalization of interest.
2/ Using the information presented in Question 1 above,
determine the Interest Expense that Desert would report on
their Income Statement for the year ended December 31,
2019.
3/ Using the information in Question 1 above,...
Assume Martin's Moving & Storage Ltd. (MMS) of Regina, Saskatchewan, incurred the following costs in acquiring land, making land improvements, and constructing and furnishing its own storage warehouse: (Click the icon to view the costs of items a. to i.) (Click the icon to view the costs of items j. to q.) Requirements Requirement 1. Show how to account for...
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012 Plant Asset 315,000 169,568 Land Land improvements Building Machinery and equipment Automobiles 38,009 1,43e,e0e 315,e0e 1,688,00378,809 1e8,580 143,000 Transactions during 2018 were as follows a On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $225,000, which...
Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented mere New Office Equipment 1. List price: $40,000: terms: 2/10, 1/30:paid within the discount period. 2. Transportation-inc $840. 3. Insta ation: $480 4. Cost to repair damage during unloading: $456. 5. Routine maintenance cost after eight months: $150. Basket Purchase of copier, Computer,...
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List price: $40,500; terms: 2/10 n/30; paid within discount period. 2. Transportation-in: $750. 3. Installation: $550. 4. Cost to repair damage during unloading: $651. 5. Routine maintenance cost after six months: $110. Basket Purchase of Copier,...
Fix the red ones:
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Total Company Cookbook $ 300,000 $90,000 Product Line Travel Handy Guide Speller $ 150,000 $ 60,000...
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